CLEVELAND, OH – A pair of private equity firms have taken a majority stake in Libra Industries in partnership with CEO Rod Howell, the Howell family and the Libra management team. 

CapitalWorks completed a majority investment in the EMS company, while Ironwood Capital also made investment of subordinated debt and equity. No financial terms were disclosed.

“We felt CapitalWorks would be the ideal partner to drive the continued growth of Libra,” said Howell. “CapitalWorks has deep experience in contract manufacturing and a strong network of industry experts that support its investments.”

Separately, Howell said, “We’re excited to have Ironwood Capital as an investor. This funding allows us to develop the infrastructure, systems, operational best practices and management expertise to pursue large product programs for major OEMs and build the foundation to support accelerated sales growth.”

“It’s a great fit. The core competencies of Libra are complementary to the sponsor’s existing portfolio company, GEMCITY Engineering and Manufacturing,“ said Alex Levental, managing director, Ironwood Capital. “This purchase will create strong, synergistic opportunities between the two contract manufacturers going forward.”